PEPE, a popular memecoin, is back in the spotlight after a surge in interest led to a significant increase in its market capitalization. This comes after a rough start to the year for PEPE, where its price slumped while other memecoins enjoyed dramatic gains.
Earlier in 2024, PEPE holders were feeling the blues as the memecoin’s market dominance waned. Other contenders like WIF rocketed, leaving PEPE in the dust. However, a recent resurgence in interest has seen PEPE’s fortunes reverse. At the time of writing, PEPE’s market cap is nearly double that of WIF, a remarkable turnaround.
Rallying Price, But Short-Term Hiccups
Despite the positive market cap news, PEPE’s price action over the last 24 hours hasn’t been stellar. The memecoin is currently trading at $0.0000145, reflecting a slight decline of 5.76%. But looking at the bigger picture, PEPE’s price has been on an upward trend since mid-May, exhibiting a series of “higher highs” and “higher lows” – a classic indicator of a bullish trend.
Technical Analysis: Bullish Signs with a Twist
Technical indicators like the RSI (Relative Strength Index) for PEPE currently sit at 43.75, suggesting a potential dip in bullish momentum. Additionally, the CMF (Chaikin Money Flow) reading of -0.09 hints at capital outflows. However, significant selling pressure would be required to reverse the overall bullish trend surrounding PEPE.
Also Read: PEPE Price Soars: Can Meme Coin Whales Push It to a New All-Time High in June?
Social media chatter plays a crucial role in the success of memecoins. PEPE seems to be trending in the right direction, with onchain analysis revealing a surge in social volume over recent weeks. This heightened popularity can fuel PEPE’s rally, but there are potential roadblocks.
Sentiment Swings
One worrying sign is the dramatic shift in weighted sentiment surrounding PEPE. This metric, which measures the ratio of positive to negative comments, has swung wildly from extremely high to extremely low in a short period. In simpler terms, the conversation around PEPE on social media has gone from overwhelmingly bullish to bearish in a matter of days. This inconsistency could translate into volatility for PEPE’s price in the near future.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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